The growth of the global audio streaming services market is driven by the integration of emerging technologies that deliver cutting-edge experiences for users
SAINT ANTHONY, November 7, 2022 /PRNewswire/ — As technology advances and high-speed Internet connections expand, the demand for audio streaming services has increased. According to a recent analysis by Frost & Sullivan, Growth Opportunities in Global Audio Streaming Services, this creates unprecedented opportunities for the audio streaming industry. The integration of emerging technologies such as machine learning (ML) and artificial intelligence (AI) improves the discovery experience of audio streaming platforms by offering users music, podcasts and audiobooks based on their preferences. Additionally, the accelerated adoption of smart devices is fueling the demand for these services and providing a seamless customer experience, driving growth in the audio streaming industry. This market is expected to win $81.35 billion in revenue by 2028 from $31.35 billion in 2021, registering an impressive expansion at a compound annual growth rate (CAGR) of 14.6%.
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“Technology is moving faster than ever. Disruptive technological advances such as blockchain, cryptocurrencies, non-fungible tokens (NFTs), virtual reality, ML and AI are opening up a world of possibilities for the entertainment industry,” said Lara ForlinoICT Research Analyst at Frost & Sullivan. “Audio streaming providers are already using powerful technologies to develop innovative platform features and create new revenue streams.”
Forlino added: “The deployment of 5G networks and the expansion of high-speed Internet connections allow consumers to stream high-quality audio, which contributes to the growth of the market. In addition, audio streaming providers are increasing investment in content production, such as special music sessions and original podcasts, further fueling demand for these services.”
To take advantage of the growth opportunities of the expanding audio streaming service industry, market participants must:
- I invest in developing functions that make audio consumption more interactive and social.
- Use revolutionary technologies to deliver enhanced streaming experiences that maximize consumer lifetime value.
- Pursue strategic partnerships to acquire rights to broadcast and stream sports programs through their platforms.
- Partner with third-party distributors such as social media platforms, electronic product manufacturers and connected cars to reach a wider audience.
Growth Opportunities in Global Audio Streaming Services is the newest addition to Frost & Sullivan’s ICT research and analysis available through the Frost & Sullivan Leadership Council that helps organizations identify a continuous stream of growth opportunities to succeed in an unpredictable future.
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Growth Opportunities in Global Audio Streaming Services
Maria Celeste Dance
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SOURCE Frost & Sullivan